LCSS Lewis Charles (See LSE:SPFL)

    LEWIS CHARLES SOFIA PROPERTY FUND LTD (the "Company")

The published net asset value (the "NAV") of the Company as at close of business
31 December 2007 was as follows:

Ordinary shares of no par value (GBP)          GBP 1.161 per share

The NAV will be calculated calendar half yearly in Euros and then converted to
Sterling at the prevailing exchange rate at the valuation point.

International Accounting Standards (IAS) dictate the basis on which investment
properties are valued within financial statements. The nature of the central
Sofia and suburbs property development in conjunction with BuySell is such that
the disclosure of value for this development is governed by the rules laid out
in IAS 2 "Inventories". Under IAS 2, our investments made in partnership with
BuySell are treated as inventory and therefore recorded at the lower of cost and
market value. This is contrary to our policy for the calculation of the
valuation NAV where we record the fair value of the property based on the
valuations prepared by Forton International JSCo and King Sturge KFT,
independent valuers not connected with the Group. A full reconciliation between
the accounting NAV and our published valuation NAV is provided below.

                                                EURO        EURO      GBP
                                                (NAV)        (NAV/SHARE)
Net Asset Value
per financial statements                      66,205,547   1.369     1.007

Add back:
Adjustment to value of properties              8,319,285    0.172    0.126
Adjustment to performance fee                 (2,069,050)  (0.043)  (0.032)
Preliminary expenses                           1,311,188    0.027    0.020

Less:
Adjustment to calculated deferred tax          2,687,886    0.055    0.040
           
Published Net Asset Value                     76,454,856    1.580    1.161
           
The Company's principal documents require the dealing valuation of the Company's
net assets (NAV) to include preliminary expenses incurred in the establishment
of the Company, such expenses to be amortised over the expected life of the
Company. However, this accounting treatment is not permitted for financial
reporting purposes and was adjusted accordingly within the financial statements
released on 24 June 2008.


For further information contact:

Bachmann Fund Administration Limited, Company Secretary,
Tel + 44 (0)1481 723573

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